Lower Your Credit Card APR: Phone Script from DebtGoal

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DebtGoal is a new site that helps you track and manage your debt-reduction goals (as opposed to a debt settlement company). After the free trial, it runs $11.95 per month. One of the things they do is try and guide you to lower the interest rates on your credit cards. Here’s a sample script that you can try out yourself for free, which is quite simple but probably also effective:

Hello, my name is _______________. I have been a cardholder since ____. In the past few months, several credit card companies have offered me lower rates than my current rate with you. I value my relationship with you, but I would like you to match the other offers that I have received and reduce my interest rate by ___%. Are you authorized to adjust my interest rate?

It can be handy to actually have offers or other cards in front of you that really have lower rates. Depending on their response, you could also throw in one of these:

  • “Are there other people who have the authority to lower my rate? May I speak with them?”
  • “Do you have a promotional rate that I can take advantage of?”
  • “What would I have to do to get a lower rate? Can I call back later when I meet those criteria?”
  • “Can I qualify for a hardship program?”

Any other success stories or tips?

My Money Blog has partnered with CardRatings and Credit-Land for selected credit cards, and may receive a commission from card issuers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned. MyMoneyBlog.com is also a member of the Amazon Associate Program, and if you click through to Amazon and make a purchase, I may earn a small commission. Thank you for your support.

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  1. I’ve done this before on 2 credit cards and it worked great! But that was over a year ago. I recently called (as in last week) and tried again and both card companies told me that Congress had passed a bill that prevented credit card companies from raising interest rates for the time being. But the flip side is the credit card companies aren’t lowering rates either until Congress allowed them to raise rates.

    I have excellent credit (793 credit score) so I don’t believe they’re lying to me because I can’t get a lower rate because of my credit rating.

  2. Ace @ aceofwealth.com says

    This sounds great. I would love to try this technique to get out of paying an annual fee for one of my credit cards. Thanks for the tip!

  3. Use “and” instead of “but” when you are trying to get something. In general, “but” introduces a degree of negativity in your statement (as in “I just told you all these great things but now here’s the real deal”). Otherwise seems like a nice little script that a rep cannot really pick apart on a technicality.

  4. DebtGoal Community says

    Thanks for sharing our service with your readers! Two corrections/additions: (1) Our guide to negotiating credit card rates is always FREE at NegotiateMyRate.com, and (2) Our full service runs $14.99 a month after the free trial.

    Thanks again,
    DebtGoal Community

  5. JDub: I believe they can’t raise rates on existing balances, so I’d say they told you a half truth. However if the context of your call was that you carry a balance and want to lower the rate, I’d call their response fair.

  6. they can raise your rates AND they do.

    if your credit score goes down they have the right (according to the contract) to raise your rates. only recently legislation has been passed that prohibits unfair interest hikes, but how many people will know to do something about it?

    Did you know that credit cards determine places you shop at and if you normally shop at really nice places and then go to wal-mart, they might lower your credit limits?

    I say the best way to deal with credit cards is to pay them off and then start living on a cash budget and save like crazy

  7. Sounds like a good idea if you too lazy to compare the credit cards by yourself. Or what is there anything else of value that they offer?

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